Andrew Patterson - Associate Finance Officer, Seattle
The Commercial Real Estate market in Seattle was ranked the #1 investment market in the US by the ULI and PWC in their “Emerging Trends in Real Estate 2009”. The report is an assessment of commercial real estate assets in individual markets based on the views of more than 700 real estate experts, including developers, lenders, brokers, and consultants.
The report highlights strengths in “global pathway cities” such as Seattle, San Francisco, Washington D.C, New York, and Los Angeles. These cities all ranked in the top 5 for the 2009 investment outlook. Seattle benefits as a home to “brainpower industries” such as Microsoft, Amazon, Boeing, and Starbucks. Although, “sub-10 percent downtown office vacancies will rise”, the apartment market is strong throughout the region with low vacancy rates and solid rent growth forecasted for 2009. Low vacancy rates in the region’s retail markets protect against consumer slowdown, and the survey ranks Seattle among the strongest buys for industrial investment property
Quote from our President, J. Clayton Hering: “With an experienced mortgage banking team, a stable of quality and active lender relationships, and strong real estate fundamentals in all product types, we view the Puget Sound market as a growth market for mortgage financing in 2009 in spite of the constricted supply of capital."
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